Money For the Rest of Us

I share five business practices that have carried me through asset bubbles, financial crises, business pivots, and now the rise of AI. Topics covered include: Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Researchers Asked LLMs for Strategic Advice. They Got “Trendslop” in Return. By Angelo Romasanta, Llewellyn D.W. Thomas and Natalia Levina—Harvard Business Review Paul Kedrosky Gregor Macdonald - Cold Eye Earth Prediction Market Accuracy: Crowd Wisdom or Informed Minority? By Roberto Gomez Cram, Yunhan Guo, Theis Ingerslev Jensen, and Howard Kung U.S. Soldier Charged With Using Classified Information To Profit From Prediction Market Bets—Office of Public Affairs, U.S. Department of Justice 64% of business books are profitable. That’s the bottom line from our study of Business Book ROI.—Josh Bernoff Libsyn Statistics, visualized—Livewire Labs The Big Bang: A.I. Has Created a Code Overload By Mike Isaac and Erin Griffith—The New York Times High earners race ahead on AI as workplace divide widens By Madhumita Murgia and John Burn-Murdoch—Financial Times Related Episodes 496: Are You Taking Enough Aspirational Risk? 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Please attend our live webinar on portfolio construction and rebalancing scheduled for Thursday, April 30th, at 12PM Eastern, 9AM Pacific time. I will cover the five steps to constructing and rebalancing a portfolio. I will also answer your questions. You can sign up for this special webinar at https://moneyfortherestofus.com/webinar/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment. Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Money for the Rest of Us Live Portfolio Cohorts Why Everything Suddenly Is ‘Perfect’ by Paula Marantz Cohen—The Wall Street Journal Your Perfect Portfolio by Cullen Roche—Pan MacMillan My Core Investment Values by Peter Lazaroff—Peter Lazaroff Show Us Your Portfolio: Jared Dillian—Excess Returns: An Investing Podcast The dystopian fantasy of uselessness by Stephen Cane—The Financial Times Related Episodes 491: The Five Layers of Investing 306: Three Approaches to Asset Allocation See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this mini episode, I share some examples of how I am using Claude Cowork and other tools to boost my productivity and build investment portfolio analysis tools. I also share more details on the live portfolio cohorts we will be holding next month. You can learn more about our live portfolio cohorts here. Show Notes I Saw Something New in San Francisco - Ezra Klein - New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the Iran conflict and other developments could lead to another major financial crisis. What is different today from 2008? Why trying to seed a revolution is so risky. And finally, what can we do to prepare ourselves for the next financial crisis? Sponsors Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Read Trump's full statement on Iran attacks—PBS News I Predicted the 2008 Financial Crisis. What Is Coming May Be Worse. By Richard Bookstaber—The New York Times The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction By Richard Bookstaber The Poverty of Historicism By Karl Popper Iran Is Trying to Defeat America in the Living Room By Karim Sadjadpour—The Atlantic Iran war is the greatest threat to global energy ‘in history’, warns IEA By Malcom Moore—Financial Times ‘Once and for All’ Means Never By Thomas L. Friedman—The New York Times AI Isn’t Coming for Everyone’s Job By Adam Ozimek—The Atlantic Related Episodes 291: How To Survive the Coronavirus (COVID-19) Shutdown 377: What If It’s Different This Time? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When is good enough actually good enough? AI is reshaping how I work and live. And a member with a portfolio that's beaten an all-in-one Vanguard LifeStrategy fund for ten years asks whether the complexity is worth it — or whether it's time to simplify. Sponsors Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Upswing: How We Came Together a Century Ago and How We Can Do It Again by Robert Putnam—Simon &Schuster An update on our model deprecation commitments for Claude Opus 3—Anthropic Claude's Corner—Substack Investments Mentioned Vanguard LifeStrategy Growth Fund Investor (VASGX) Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio. Show Notes 2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBO Princeton University cuts expectation for endowment returns by Sun Yu—The Financial Times Demystifying Managed Futures by Brian K. Hurst, Yao Hua Ooi, and Lasse H. Pedersen—AQR Investments Mentioned AQR Managed Futures Strategy Fund I (AQMIX) iMGP DBi Managed Futures Strategy ETF (DBMF) KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) WisdomTree Managed Futures Strategy Fund (WTMF) First Trust Managed Futures Strategy Fund (FMF) Return Stacked US Stocks & Managed Futures ETF (RSST) Related Episodes 524: Facing a Financial Squeeze: What Harvard’s Response Can Teach the Rest of Us 204: Why Are Investment Returns So Low? 180: Can You Outperform Harvard’s Endowment? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices. Sponsors Gelt - Taxes Done Right Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Hidden Healthcare Infrastructure Americans Cross the Border to Find—Kogod School of Business FARMWORKER SERVICE CENTER PROPOSAL AND ACTION PLAN FOR THE CITY OF CALEXICO AND IMPERIAL VALLEY by JAVIER MORENO—Calexico Location as an Asset by Adrien Bilal and Esteban Rossi-Hansberg—Princeton It Is Not Climate Denial But Adaptation Denial That Holds Us Back by Mathis Wackernagel and Peter Raven—SSRN The Overlooked Edge: The Case for Asset Location in Managed Portfolios—Morningstar Revisiting the conventional wisdom regarding asset location by Sachin Padmawar and Daniel Jacobs—Vanguard Asset location for equity by Sachin Padmawar and Daniel Jacobs—Vanguard This powerful strategy can create more spendable wealth by Tom Lenkiewicz—J.P. Morgan Asset location strategies for tax efficient investing—BlackRock What would Yale do? Implementing after-tax asset allocation by Frances Walsh and Patrick Geddes—BlackRock Related Episodes 540: Beyond Munis — New ETFs for Tax-Efficient Bond Investing 506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheats 425: How Profits Motivate Change Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new ETF allows individuals to earn income by insuring against natural disasters through investing in catastrophe bonds. We break down the historical returns, risk, fees, and structure of this intriguing investment opportunity. Topics covered include: Sponsors Gelt - Taxes Done Right Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Investments Mentioned Brookmont Catastrophic Bond ETF (ILS) Stone Ridge High Yield Reinsurance Risk Premium Fund (SHRIX and SHRMX) Show Notes Miami Is Entering a State of Unreality by Mario Alejandro Ariza—The Atlantic Historical Hurricane Tracks—NOAA LA fires dominated insured losses of $127bn in 2025, says Aon by Eva Xiao and Lee Harris—The Financial Times 2026 Climate and Catastrophe Insight—AON BERKSHIRE HATHAWAY INC. 2002 ANNUAL REPORT—Berkshire Hathaway When, Where and How Often Insurers Fail—PACICC Climate change presses on: Devastating wildfires and intense thunderstorms exacerbate losses for insurers—Munich RE Reinsurance buyers experience market softening as reinsurers grow capital following strong returns—Guy Carpenter Catastrophe bond sales hit record as insurers offload climate risks by Lee Harris and Ian Smith—The Financial Times Swiss Re Global Cat Bond Performance Index returns 11.40% for 2025—Artemis Catastrophe Bonds by Alexander Braun and Carolyn Kousky—Wharton See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore the forces likely to shape financial markets in 2026 and how to make better decisions as you pursue your goals this year. Topics covered include: Sponsors Gelt - Taxes Done Right Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes A Slightly Better You in the New Year by Roland Fryer—The Wall Street Journal Paying Not to Go to the Gym by Stefano DellaVigna and Ulrike Malmendier—American Economic Association Handbook of Cognitive Biases—Federal Intelligence Service FIS Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—Federal Reserve Bank of St. Louis America’s affordability crisis is (mostly) a mirage—The Economist When Your Private Fund Turns $1 Into 60 Cents by Jason Zweig—The Wall Street Journal Canadians Are Furious After Real Estate Funds Lock Up Their Money by Paula Sambo—Bloomberg Blue Rock TI+ Annual Report—Securities and Exchange Commission Which jobs have grown (and declined) fastest during your working life? by Andrew Van Dam—The Washington Post Is AI More Like a Mind or a Market? by Walter Frick—Bloomberg Don’t Fear the Bubble Bursting by Carl Benedikt Frey—The New York Times Related Episodes 484: 7 Steps to Living a Longer Life 414: Use Caution with Private REITs like Blackstone’s BREIT See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Should you borrow money to magnify returns in your 401 (k), IRA, or other tax-deferred retirement account? We examine Basic Capital, which allows investors to leverage their retirement account investments. We also explore how the wealthy don't use debt to generate wealth but to manage it. Sponsors Gelt - Taxes Done Right Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Basic Capital This 30-Year-Old’s Startup Is Bringing Leverage to 401(k) Savers by Suzanne Woolley—Bloomberg This startup is offering mortgages for 401(k)s by Liz Hoffman—Semafor Startup Failure by Elizabeth Pollman—SSRN Related Episodes 353: The Pros and Cons of Infinite Banking and Whole Life Insurance 238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As Baby Boomers continue to retire, some analysts expect financial markets to feel the strain. We examine whether demographic shifts truly shape stock and bond returns, or what other factors matter more. Topics covered include: Sponsors Gelt - Taxes Done Right Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Zeihan Harry Dent Measuring the Natural Rate of Interest—Federal Reserve Bank of New York Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve Related Episodes Related Episodes 487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts 445: From Boom to Bust—Why China’s Stocks Lagged Behind Its Economy & Where to Invest Next 395: How Population Trends Will Impact Growth, Inflation, Investing and Well Being See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David converses with best-selling author David Bach about preventing burnout through sabbaticals, moving to another country, why retirees should take Social Security as early as possible, and Bach's idea of a flat tax on IRA distributions. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes David Bach's IRA Flat Tax Idea Related Episode 506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheets See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Can you really make money sports betting on low-risk, high-probability events? Topics covered include: Episode Sponsor Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes How Do Betting Odds Work? by OC Staff—oddschecker Senate Commerce Committee Wants Answers on NBA Gambling Scandal—Senate Commerce Committee "US sports betting crisis grows as MLB’s Clase and Ortiz indicted over alleged rigged pitches" by Tom Lutz—The Guardian ESPN Will Not Let Failure Push It Out Of The Gambling Business by Chris Thompson—Defector 22% of All Americans, Half of Men 18-49, Have Active Online Sports Betting Account—Siena University Research Institute A Review of Sports Wagering & Gambling Addiction Studies Executive Summary—National Council on Problem Gambling How sports gambling took over prediction markets in the US by Sam Learner, Oliver Roeder and George Steer—The Financial Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What’s the difference between hoarding and investing? There’s a reason markets built on productive assets—like stocks and bonds—are far larger than hoarding markets such as gold and cryptocurrency. In this episode, David explores why that is, and shares why he recently bought Zcash, and how it’s both similar to and different from Bitcoin. Email Newsletters Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Money for the Rest of Us Substack Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Zcash CoinGecko The Largest Companies by Market Cap in October 2025—The Motley Fool (Accessed October 2025) DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network—Chainalysis Selling Gold in the Diamond District - Money for the Rest of Us Substack Related Episodes 532: Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans? 513: Crypto—Innovation or Insanity? Meme Coins, Hacks, and Strategic Bitcoin Reserves 432: Are the Economy and Financial Markets Zero-Sum Games? 496: Are You Taking Enough Aspirational Risk? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How AI gets simple finance wrong, and how to make it work for you, not mislead you Topics covered include: Sponsors Claude.ai - Sign up for Claude today and get 50% off Claude Pro Money for the Rest of Us Plus Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Show Notes What Kind of a “PhD-level Expert” Is ChatGPT 5.0? I Tested It. by Gary Smith—Mind Matters Top US Army General Says He’s Letting ChatGPT Make Military Decisions by Joe Wilkins—Futurism Why Language Models Hallucinate by Adam Tauman Kalai, Ofir Nachum, et al—Arxiv Auto Loan Calculator—nerdwallet Related Episodes 538: Forests, Fakes, and the Fight for the Real 457: AI’s Fork in the Road: Societal Bliss or Existential Threat 450: How Higher Interest Rates Alter Our Financial Blueprint See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Are gold and silver up more than 50% in 2025 because investors fear currency debasement, or is this rally just the latest meme trade? In this episode, we explore the supply and demand forces behind gold and silver, discuss investing strategies, and outline what to watch to see if investors truly are worried about debasement. Sponsors Money for the Rest of Us Plus Claude.ai - Sign up for Claude today and get 50% off Claude Pro Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Show Notes The Great Debasement Debate Is Rippling Across World Markets by Ruth Carson, Naomi Tajitsu, and Masaki Kondo—Bloomberg How long will gold mania last?—Financial Times Dalio Echoes Griffin in Seeing Gold as Safer Than the US Dollar by Alexandra Semenova, Natalia Kniazhevich, and Lisa Abramowicz—Bloomberg Gold Reserves by Country—World Gold Council Gold's rise in central bank reserves appears unstoppable by Jamie McGeever—Reuters Above-ground stock—World Gold Council Gold Demand Trends: Q2 2025—World Gold Council Treasury Term Premia—Federal Reserve Bank of New York Trey Reik—LinkedIn Investments Mentioned iShares Gold Trust (IAU) SPDR Gold Trust (GLD) SPDR Gold MiniShares Trust (GLDM) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to decide when to invest in municipal bonds versus new tax-efficient bond ETFs that don't invest in munis. We analyze several newer ETFs that earn bond-like returns while avoiding paying taxable income distributions. Sponsors Claude.ai - Sign up for Claude today and get 50% off Claude Pro Delete Me – Use code David20 to get 20% off Investments Mentioned Vanguard Tax-Exempt Bond ETF (VTEB) iShares 7-10 Year Treasury Bond ETF (IEF) JPMorgan Ultra-Short Municipal Income ETF (JMST) Alpha Architect 1-3 Month Box ETF (BOXX) F/m Compoundr U.S. Aggregate Bond ETF (CPAG) F/m Compoundr High Yield ETF (CPHY) NEOS Enhanced Income Aggregate Bond ETF (BNDI) NEOS Enhanced Income 1–3 Month T-Bill ETF (CSHI) Show Notes US municipal bond defaults and recoveries, 1970-2022 by Moody's Investor Service—Fidelity Five Reasons Municipals Have Rarely Defaulted by Matthew Norton—Bernstein 470 Plus: Annuities Correction, Europe versus U.S. Value Stocks, Analyzing BOXX, and Accredited Investor Rules—Money for the Rest of Us Cboe:BOXX | Investment case—alpha architect See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week there isn’t a regular Money for the Rest of Us episode, but David shares an update on what’s happening behind the scenes. He previews an exclusive Plus member livestream on the forces shaping the next decade, explains why there won’t be a new episode next week, and highlights fresh content available on YouTube, Instagram, LinkedIn, and Substack. David also reflects on consistency, community, and the process of writing his second book. Regular episodes return in October. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What happens when the money supply grows too slowly or too quickly? From gold-standard deflation to QE-driven inflation and inequality, we trace the lessons of monetary history, and what we can do today to protect ourselves in an age of infinite money. Topics covered include: Show Notes Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve M2 (M2SL)—FRED Good Versus Bad Deflation: Lesson from the Gold Standard Era by Michael D. Bordo, John Landon Lane, and Angela Redish—NBER Speech by Richard Nixon (15 August 1971)—CVCE US - Total Market Cap Divided by M2 Money Supply—MacroMicro Did Quantitative Easing Increase Income Inequality? by Juan Antonio Montecino and Gerald Epstein—CEPWeb Does Quantitative Easing Affect Inequality: Evidence from the US - Nektarios Michail Demurrage currency—Wikipedia Debt: The First 5,000 Years by David Graeber Related Episodes 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity 431: The Long-term Bullish Case for Gold 336: Own What Is Real See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.